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Offline russkroe

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Delegate Approval Process
« on: August 27, 2014, 07:27:34 PM »

Just got into BTSX and am excited to get involved, but I'm not sure I understand the voting process 100%. If I give a thumbs up to a delegate, is there a transaction involved in which I am charged a fee that then gets passed down to be, by the delegate, for providing my support? Also, if I only approve 5 delegates as opposed to 10 - do the 5 that I voted for get twice as much support as if I voted for 10?

I've been doing research and listening to Dan's podcasts, but most of the information is in regards to why BTSX is the best. I'm already sold, I just need an instruction booklet for social norms, etc.

I'm appreciative of any help that can be provided!

Thanks!

Offline bytemaster

Re: Delegate Approval Process
« Reply #1 on: August 27, 2014, 07:32:04 PM »
On your Account page on the "vote" tab, there is a button that will "cast your votes". 

Normally votes are cast as part of normal transactions, but if you want to update your balance you can vote for your delegates and then do a single transaction to cast it.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline russkroe

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Re: Delegate Approval Process
« Reply #2 on: August 27, 2014, 07:43:05 PM »
Ok. So my understanding is that the only way to receive a payout for holding BTSX is to vote for a particular delegate, based on the assumption that there will be a payout. The fee that I am charged for casting my vote will reduce my balance, but it is done with the anticipation of being compensated for my support? I just want to make sure I fully comprehend the logistics of how the process works to ensure that I am approaching the cost-benefit analysis of each vote correctly.

Thanks!

Offline maqifrnswa

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Re: Delegate Approval Process
« Reply #3 on: August 27, 2014, 08:17:00 PM »
Ok. So my understanding is that the only way to receive a payout for holding BTSX is to vote for a particular delegate, based on the assumption that there will be a payout. The fee that I am charged for casting my vote will reduce my balance, but it is done with the anticipation of being compensated for my support? I just want to make sure I fully comprehend the logistics of how the process works to ensure that I am approaching the cost-benefit analysis of each vote correctly.

Thanks!

It may be the opposite of what you think:
1) Everyone receives "payout" for holding BTSX regardless of whether they vote or not
2) "Payout" is given because delegates "destroy" your fees. When you cast your vote, you pay a transaction fee. Delegates keep some of the fee for themselves (to pay for expenses) and destroy the rest. Destroyed fees are deflation, which is the same thing as dividends with buyback
3) Delegate published payrates is the percent of fees they keep for themselves. If you vote for a 100% payrate delegate, they keep all the fees. If you vote for a 50% payrate delegate, 1/2 of the fees go to the delegate and the other 1/2 effectively get given to all BTSX holder proportionally based on their BTSX holdings.
maintains an Ubuntu PPA: https://launchpad.net/~showard314/+archive/ubuntu/bitshares [15% delegate] wallet_account_set_approval maqifrnswa true [50% delegate] wallet_account_set_approval delegate1.maqifrnswa true

 

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